Steve Angel appointed as CSX CEO, succeeding Joe Hinrichs

JACKSONVILLE - CSX Corp. (NASDAQ:CSX), a $63.4 billion market cap railroad giant with a FAIR financial health rating according to InvestingPro, has appointed Steve Angel as President and Chief Executive Officer, effective September 28, according to a company press release. Angel succeeds Joe Hinrichs, who has departed from the company and its board.

Angel, who will also join CSX’s board of directors, brings over 45 years of executive leadership experience. He previously served as CEO of Linde plc from 2018 to 2022 following its merger with Praxair, where he was CEO from 2007 to 2018. Angel began his career at General Electric, working directly with locomotive and rail operations. He joins CSX at a time when the company trades at a P/E ratio of 20.86 and generates annual revenue of $14.15 billion.

"My top priorities will be to ensure the safety of the railroad and our employees, deliver reliable service to our customers, and increase value for our shareholders," Angel said.

CSX Chairman John Zillmer expressed confidence in the new appointment, noting that the board conducted "a very targeted process" in selecting Angel.

The Jacksonville-based transportation company stated that its operating performance remains strong, and it continues to expect full-year volume growth. While the company did not provide specific financial projections in the announcement, InvestingPro data shows CSX has maintained dividend payments for 45 consecutive years and currently offers a dividend yield of 1.53%. Analysts maintain a bullish consensus on the stock, with price targets ranging from $27 to $43 per share.

Angel plans to retire from Linde’s board in January 2026. During his leadership at Linde and Praxair, companies under his management generated total shareholder returns of 219% and 257%, respectively, according to the press release.

Hinrichs, who led CSX for three years, said: "I am proud of the progress we have made in improving performance, strengthening customer relationships, and building a culture centered on safety and collaboration."

CSX provides rail, intermodal and rail-to-truck transload services across the eastern United States, connecting more than 240 short-line railroads and over 70 ports with major population centers. Based on InvestingPro’s Fair Value analysis, the stock currently appears fairly valued. InvestingPro subscribers have access to 10 additional ProTips and a comprehensive analysis of CSX’s financial health and growth prospects.

In other recent news, CSX Corporation has seen several developments that may interest investors. RBC Capital has upgraded CSX’s stock rating from Sector Perform to Outperform, citing operational improvements and raising the price target to $39.00. UBS has reiterated its Buy rating on CSX with a price target of $41.00, despite a noted decline in the stock since August, partially attributed to Berkshire Hathaway’s disinterest in railroad acquisitions. Meanwhile, Jefferies has adjusted its price target for CSX to $38.00 from $40.00 but maintains a Buy rating, indicating the removal of a takeover premium previously factored into the stock price.

Additionally, CSX executives are set to present at major industry conferences. President and CEO Joe Hinrichs, along with Executive Vice President and CFO Sean Pelkey, will speak at J.P. Morgan’s U.S. All Stars Conference in London, with a live webcast available for investors. Hinrichs is also scheduled to address Morgan Stanley’s 13th Annual Laguna Conference in California, which will also be broadcast live. These speaking engagements provide CSX with opportunities to communicate directly with investors and analysts.

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